What is CPQ Technology ?
Configure Price Quote or CPQ technology reduces the inefficiencies that happen during a sales process. It minimizes mistakes that happen when you create quotes for customers with complex product needs, while reducing the time it takes to do so. When paired with your sales teams’ CRM, CPQ technology enhances your teams’ ability to close more business, faster. It’s been said that 30-50% of won deals go to the sales teams that respond first. We would argue that nowadays this rings true for the entire sales process. When sales teams only spend about 23% of their time “selling” it’s best to have tools in place that make them efficient.
How CPQ Technology Helps Teams ?
CPQ Technology frees teams from the lines and columns that trap them in outdated Excel or Google Sheets that slow conversations between your customers and your sales teams. In a world where everything is seemingly just a click or swipe away, it’s best to be on the cutting edge and have an automated quoting system that is accurate and fast.
A white paper published by Google and the Corporate Executive Board found that B2B customers would navigate nearly 60% through a purchase decision-making process before engaging with a sales team. An accurate and fast CPQ system streamlines the sales process by giving sales teams complete visibility into product availability, variety, and price in real-time. This alone saves time and the effort to chase down approvals or pricing, which may take hours or worse, days. And as David Heitman from Fast Company wrote, Time Kills Deals. We agree.
It’s not only sales teams who benefit from CPQ technology, teams who handle your companies invoices need the accuracy that a CPQ system can provide. Miscommunications and inaccurate spreadsheet-based systems create chaos, wastes valuable time, and hinders company growth. Worst of all, it could end a customer relationship.
Having CPQ technology integrated into your business is also beneficial to your engineering teams. KBMax Snap is robust enough to handle complex mathematical functions, product rules, and manufacturing data. Setting up a proprietary system takes a lot of time, code, and overhead to build and maintain. KBMax Snap is easy to set up and maintain.
Ultimately, Customers Win ?
Integrating CPQ technology into your company saves time, creates new business opportunities, and ends costly pricing mistakes that antiquated methodologies create. By removing these company-imposed barriers, your front line teams become even stronger. Sales teams alone are able to interact with more prospective customers because they no longer have to do the unnecessary heavy lifting that once filled their time. Without the hurdles, sales teams can get back to what they do best, creating lasting relationships with customers.